Section 629 — Corporations Act 2001: Conditions turning on bidder’s or associate’s opinion not allowed in off-market bids

(1) Offers under an off-market bid must not be subject to a defeating condition if the fulfilment of the condition depends on: (a) the bidder’s, or an associate’s, opinion, belief or other state of mind; or (b) the happening of an event that is within the sole control of, or is a direct result of action by, any of the following: (i) the bidder (acting alone or together with an associate or associates); (ii) an associate (acting alone or together with the bidder or another associate or associates of the bidder). A purported condition of this kind is void. Note: Section 9 defines defeating condition. Sections 630, 650F and 650G deal with defeating conditions. (2) For the purposes of paragraph (1)(b): (a) the target; and (b) a subsidiary of the target; are taken not to be associates of the bidder if they would otherwise be an associate merely because of paragraph 12(2)(a).